Compare income cover options available from Zurich (Formerly under the name of Macquarie Bank) to ensure your finances are secure if you are forced out of work.
The Zurich Futurewise product range offers tailored solutions for a range of everyday applicants and business owners with cover that is available both inside and outside of superannuation. You also have the ability to choose TPD cover with partial payments available at earlier stages of disablement with the TPD Platinum option.
- What does Macquarie Income Protection cover?
- Macquarie Income Protection additional options to consider
- How much will Macquarie Income Protection cost?
- Conditions for benefit payment
- What is the age of eligibility for Macquarie Income Protection?
- Exclusions to be aware of
- Macquarie Income Protection - other things to know
Macquarie offers a range of insurances under its FutureWise banner, which allows you to obtain the combination of benefits that best meets your needs. Their income protection offerings include Total and Permanent Disability (TPD) Insurance, Disability Income Insurance and Business Expenses Insurance and it is these three areas we will focus on here.
|Partial Disability Benefit||Yes|
|Specific Injury Benefit||Yes|
|Indexation Increases Feature||Yes|
|Premium Waiver Feature||Yes|
|Involuntary Unemployment Premium Waiver||Yes|
|Recurrent Disability Feature||Yes|
|Waiting Period Reduction Feature||Yes|
|Medical Professionals Feature||Yes|
|Extra Benefits Option||Additional Option|
|- Trauma Benefit|
|- Bed Confinement Benefit|
|- Home Care Benefit|
|- Rehabilitation Expense Benefit|
|- Accommodation Benefit|
|- Future Increases Benefit|
|- Cover Extension Feature|
|Accident Option||Additional Option|
|Claims Escalation Option||Additional Option|
|Superannuation Cover Option||Additional Option|
|TPD Commutation Option||Additional Option|
|Booster Option||Additional Option|
Macquarie TPD Insurance provides a lump sum payment if you are permanently disabled. This can be used to cover expenses associated with your disability or to assist your family in maintaining their current lifestyle.
TPD benefits include;
- Advancement benefit - a portion of the sum insured if you suffer partial loss of limbs or eyesight
- Partial Impairment benefit - a portion of the sum insured if you suffer functional impairment of two or three extended activities of daily living
- Financial Planning benefit – reimbursement of up to $1,000 for financial advice you seek regarding your TPD payment.
TPD features include;
- Indexation Increases feature - increases the sum insured every year to protect your cover against inflation
- Future Increases feature – lets you increase your cover without further medical underwriting following a specified life event
- Life Insurance Buy Back feature - allows the reinstatement of your Life Insurance sum 12 months after being reduced because of your linked TPD Insurance payout.
Disability Income Insurance
Macquarie Disability Income Insurance provides a monthly benefit if you are totally or partially disabled due to illness or injury and are unable to work. It allows you to concentrate on your recovery without having to worry about making ends meet.
Disability Income Insurance benefits include;
- Total Disability benefit - a monthly benefit if you are totally disabled
- Partial Disability benefit – a portion of the monthly benefit if you are disabled, but still earning some income
- Specific Injury benefit - pays the benefit for a specific period if you suffer one of a list of specified injuries, even if you return to work
- Death benefit – continues to pay the benefit for up to four months if you die while receiving a Disability Income benefit.
Disability Income Insurance features include;
- Indexation Increases feature - increases the insured amount annually to keep pace with inflation
- Premium Waiver feature - waives the premium and policy fee while a benefit is being paid
- Recurrent Disability feature - allows you to continue with a previous claim without a further waiting period if you experience a relapse within a certain period of time
- Waiting Period Reduction feature – reduces your waiting period if you leave your employer and their salary continuance cover ends
- Involuntary Unemployment Waiver feature - waives the premium and policy fee if you become involuntarily unemployed
- Medical Professionals feature - provides special terms for medical professionals who contract HIV or Hepatitis and have their occupational duties restricted.
Business Expenses Insurance
Macquarie Business Expenses Insurance provides a monthly benefit to help with ongoing business expenses or to hire a replacement while you are disabled due to illness or injury.
Business Expenses benefits include;
- Total Disability benefit - a monthly benefit if you are totally disabled
- Partial Disability benefit - a portion of the monthly benefit if you are partially disabled
- Death benefit - continues paying the benefit for up to four months if you die while a Business Expenses benefit is being paid.
Business Expenses features include;
- Indexation Increases feature - increases the insured amount each year in line with the CPI
- Future Increases feature - allows you to increase the insured amount on the anniversary of your policy without the need for medical assessment
- Premium Waiver feature - waives the premium and policy fee while you are receiving a benefit
- Recurrent Disability feature - allows you to continue with a previous claim without a further waiting period if you have a relapse of the same illness or injury within a certain period of time
- Cover Extension feature - extends the benefit period past the expiry date if you are still employed in an approved occupation.
Macquarie Income Protection also provides a range of options to tailor your cover to your needs. These include;
- Double TPD option - allows the reinstatement of the Life Insurance sum insured 14 days after being reduced due to payment of your linked TPD Insurance sum
- Business Increase option - allows you to increase your cover without further medical underwriting after the occurrence of a specified business event
- Premium Waiver option - waives the premium and policy fee if you meet certain specified events (i.e. becoming significantly disabled).
Disability Income options
- Extra Benefits option - provides extra benefits and features if you suffer a listed condition, even if you can return to work
- Accident option - pays a benefit during the waiting period if you suffer an accident that causes you to be totally disabled for at least four days
- Claims Escalation option - increases the benefit each year by the CPI while you are receiving the Total or Partial Disability benefit
- Superannuation Cover option – lets you insure a larger portion of your income so that if you are disabled, you can still make your super contributions
- Booster option - increases the monthly benefit for 24 months if your disability falls under the ‘any occupation’ TPD definition
- TPD Commutation option – lets you choose a lump sum payment instead of monthly benefits if Total Disability benefits have been paid for 12 months and you satisfy the ‘any occupation’ TPD and permanent incapacity definitions.
Business Expenses options
- Accident option - pays a benefit during the waiting period if you suffer an accident that causes you to be totally disabled for at least four days.
The factors which affect the cost of your Macquarie Income Protection Insurance include;
- The sum insured – the amount you select to receive as a lump sum payment or monthly benefit
- The options which apply – those options you select to tailor your cover that incur an additional cost
- The premium type – whether you choose level or stepped premiums (level premiums cost more)
- Your age - premiums generally increase with age
- Your gender – your sex can sometimes determine your risk of contracting certain illnesses
- Your general health – a history of ill health can affect your premiums
- Your smoking status - premiums are higher for smokers
- Your recreational pursuits - high risk activities will attract higher premiums
- Your occupation – occupations are classed according to risk and some attract higher premiums than others
- The waiting period and benefit period you choose.
For your claim under a Macquarie Income Protection policy to be successful, you will need to ensure the following conditions are met;
- You must notify Macquarie as soon as possible after an incident of your intention to claim, via the website, by email at firstname.lastname@example.org or by calling 1800 208 130. Failure to notify within 30 days may lead to the benefit amount being reduced.
- In your claim application, you must supply a completed claim form, your policy, proof of age (unless previously provided), a certified copy of a death certificate (for death claims), evidence of total and permanent disablement (including test results, investigations and reports as requested), financial evidence and evidence of income.
- You may also be required to undergo medical and occupational assessments to help assess or finalise payment of the claim.
Minimum and maximum age limits apply to Macquarie Income Protection Insurance. The minimum age you must be to hold a Macquarie TPD policy is 15 and the policy expires at age 60 (or 65 for Modified TPD with stepped premium).
For Macquarie Disability Income Insurance you must be at least 17 years of age and cover expires at age 65 (or 70 for the ‘to age 70’ benefit period). Macquarie Business Expenses Insurance has an entry age of 19 and an expiry age of 65.Back to top
A benefit will not be paid under a Macquarie Income Protection policy in the following circumstances;
- If your disability is the result of an intentional self-inflicted act
- If it is caused by normal or uncomplicated pregnancy or childbirth
- If it is the result of war or an act of war
- If it is caused by elective surgery that occurs within six months of the cover starting, being reinstated or increased (but only in respect of the reinstated or increased amount)
- If you are in jail or outside Australia for more than six months
- If you unreasonably refuse to undergo recommended medical treatment including rehabilitation for your condition.
Other features of your Macquarie Income Protection cover that you should be aware of include;
- Policy fee - a policy fee is payable plus any stamp duty that is applicable. If you have more than one policy under your FutureWise cover, only one policy fee is payable.
- Payment frequency – you can choose to pay your premium monthly or annually, however monthly payment will attract a loading of 6% to cover administration costs.
- Guaranteed renewability - your FutureWise policy is guaranteed renewable until the policy anniversary after the expiry age, which ensures that the terms of cover cannot be cancelled or altered because of changes in your health, occupation or pastimes.
- Flexible linking - available with TPD Insurance, this allows you to connect two policies with different ownership to each other, to link insurances covering the same insured person.
- Cooling off period - you have 21 days after your policy commences to cancel your cover if you decide it doesn’t meet your needs and you will receive a full refund of the premium and policy fee you have paid.
Ready to receive a quote for Macquarie income cover?
If your ready to receive a quote for any of the income solutions from Macquarie, or simply want to know more about the different options available, enter your details in the form above to make a secure enquiry. An insurance consultant can walk you through each of the policy features and assist you with your application if that is the policy you are interested in. Quotes are provided free of charge and there is no obligation to sign up for cover.